Presentation on theme: "Top Ten Reasons Why the IMF Shouldnt Take the Lead in Reform of Global Finance By Mark Weisbrot Co-Director of the Center for Economic and Policy Research."— Presentation transcript:
Top Ten Reasons Why the IMF Shouldnt Take the Lead in Reform of Global Finance By Mark Weisbrot Co-Director of the Center for Economic and Policy Research (CEPR) Thursday, October 9, 2008
10. The IMF totally missed the two biggest asset bubbles in the history of the world.
9. The IMF is unaccountable.
8. Developing countries have no significant say in IMF decisions.
Voting Structure of the IMF
7. The IMF is at the head of a creditors cartel that has pressured developing countries to adopt harmful policies over the last three decades.
6. The IMF made a mess in the last set of financial and economic crises: Argentina, East Asia, Russia…
Per Capita GDP in Asian Crisis Countries, (1997=100)
Per Capita GDP in Argentina,
5. The IMF has shown no serious efforts at reform despite repeated failures.
4. The IMFs economic projections can be way off target and may be politically influenced.
IMF Projected GDP Growth for Argentina and Actual Growth
3. The IMFs recommended economic policies have, in general, failed.
Latin America's Unprecedented Long-Term Growth Collapse Western Hemisphere: Total growth in per capita real GDP (Purchasing Power Parity)
Slowdown in Economic Growth
2. The IMF has been a champion of the de-regulated global financial flows that played a huge role in the current mess.
1.The IMF is run mostly by the Treasury Department.
U.S. Treasury Secretary Paulson. Compensation at Goldman Sachs in 2006: $164 million.